Amcor PLC (AMCR) 2025 Q1 法說會逐字稿

Hello, and welcome to the Amcor first-quarter 2025 results conference call. (Operator Instructions)

您好，歡迎您參加 Amcor 2025 年第一季業績電話會議。 （操作員說明）

I would now like to turn the conference over to Tracey Whitehead, Head of Investor Relations. You may begin.

我現在想將會議交給投資者關係主管特雷西懷特海德 (Tracey Whitehead)。你可以開始了。

Thanks, operator, and thank you, everyone, for joining Amcor's fiscal '25 first-quarter earnings call. Joining today is Peter Konieczny, Chief Executive Officer; and Michael John Casamento, Chief Financial Officer.

謝謝業者，也謝謝大家參加 Amcor '25 財年第一季財報電話會議。今天加入的是執行長 Peter Konieczny；和財務長邁克爾·約翰·卡薩門托。

Let me make a few items before I hand -- note a few items before I hand over. On our website, amcor.com, under the Investors section, you'll find today's press release and presentation, which will be discussed on this call. Please be aware that we'll also discuss non-GAAP financial measures and related reconciliations can be found in that press release and presentation.

讓我在交付之前先做一些專案——在交付之前記下一些項目。在我們的網站 amcor.com 的投資者部分下，您可以找到今天的新聞稿和演示文稿，本次電話會議將對此進行討論。請注意，我們還將討論非公認會計準則財務指標，相關調節可在該新聞稿和簡報中找到。

Remarks will also include forward-looking statements that are based on management's current views and assumptions. The second slide in today's presentation lists several factors that could cause future results to be different than current estimates. Reference can be made to Amcor's SEC filings, including our statement on Form 10-K and 10-Q for further details. (Operator Instructions)

評論還將包括基於管理層當前觀點和假設的前瞻性陳述。今天簡報中的第二張投影片列出了可能導致未來結果與目前估計不同的幾個因素。如需了解更多詳情，請參閱 Amcor 的 SEC 文件，包括我們在 10-K 和 10-Q 表上的聲明。 （操作員說明）

Over to you, PK.

就交給你了，PK。

Thank you, Tracey, and thank you to all who have joined us for today's call. I'm pleased to report that our business continues to build on the momentum we've delivered since the beginning of the calendar year with another quarter of solid financial performance to kick off fiscal 2025. Our results are aligned with the expectations we set out in August and give us the confidence to reaffirm our guidance today.

謝謝你，特雷西，也感謝所有參加我們今天電話會議的人。我很高興地向大家報告，我們的業務繼續以年初以來的勢頭為基礎，在2025 財年開始時又將實現穩健的財務業績一個季度。一致。

We start, as always, with safety on slide 3. The safety and well-being of our people is a value deeply embedded in Amcor's culture, and I'm incredibly proud of our collective commitment to safety. We continue to achieve industry-leading performance with another 13% reduction in injuries compared to the same quarter last year and 73% of our sites remaining injury-free for more than a year.

一如既往，我們從幻燈片 3 上的安全開始。我們繼續實現業界領先的業績，與去年同期相比，工傷事故又減少了 13%，並且我們 73% 的工廠在一年多的時間裡沒有發生工傷事故。

Before we turn to the first quarter, I'd like to take a few minutes to talk about the strategic actions we are taking to evolve into an even stronger company. Amcor is an outstanding company with a strong values-based culture, highly talented people and significant growth potential. We have a strategy that remains relevant to our business and does not require a revolutionary change. I begin my tenure as CEO with a good understanding of where Amcor is today and with a strong and clear vision of where Amcor will be in the future.

在我們討論第一季之前，我想花幾分鐘時間談談我們為發展成為更強大的公司所採取的策略行動。 Amcor 是一家傑出的公司，擁有強大的價值觀文化、高素質人才和巨大的成長潛力。我們的策略與我們的業務仍然相關，不需要進行革命性的改變。在擔任執行長期間，我對 Amcor 的現狀有了深入的了解，並對 Amcor 的未來發展有著強烈而清晰的願景。

I just covered what will always be our number-one priority, safety. Our commitment here will never change and the health and safety of our team members comes before anything else. The unrelenting focus we have to safety has been rewarded with industry-leading metrics and performance, as I just shared, which is an excellent example of what Amcor can achieve when we're focused and aligned on our priorities.

我剛剛談到了安全永遠是我們的第一要務。我們的承諾永遠不會改變，我們團隊成員的健康和安全高於一切。正如我剛才分享的那樣，我們對安全的不懈關注得到了行業領先的指標和績效的回報，這是一個很好的例子，說明當我們專注於並協調我們的優先事項時，Amcor 可以實現什麼目標。

Second only to safety is the customer, as seen on slide 4. I believe we have an excellent opportunity to become an even stronger company by accelerating our volume-driven organic growth through an unwavering focus on our customers on sustainability and on our portfolio.

僅次於安全的是客戶，如幻燈片4 所示。機會成為更強大的公司。

With our customers, we have two clear immediate opportunities. The first touches on our culture, talent and organization. We will instill a stronger growth-oriented and customer-first mindset across Amcor. One of the first changes I made as CEO was appointing Fred Stefan, previously President of Flexibles North America, to the newly created Chief Operating Officer role. One of Fred's most important responsibilities is to ensure we fully leverage our scale and capabilities across the global flexible packaging businesses.

對於我們的客戶來說，我們有兩個明顯的直接機會。第一個涉及我們的文化、人才和組織。我們將在 Amcor 灌輸更強大的以成長為導向和客戶至上的理念。身為首席執行官，我做出的第一個改變就是任命前任北美靈活總裁 Fred Stefan 擔任新設立的營運長一職。 Fred 最重要的職責之一是確保我們在全球軟包裝業務中充分利用我們的規模和能力。

Setting the org up in this way means we removed regional silos, we ensure best practices shared and deployed across the organization. We facilitate access to our entire product catalog anywhere in the world, and we drive efficiency across our manufacturing operations and equipment network. By redirecting operational responsibilities and reporting lines, this new structure also serves to elevate and enhance the role of our global management team to focus on strategic, bigger picture choices including those designed to further accelerate organic growth and shareholder returns.

以這種方式設定組織意味著我們消除了區域孤島，我們確保在整個組織中共享和部署最佳實踐。我們幫助您在世界任何地方存取我們的整個產品目錄，並提高我們的製造營運和設備網路的效率。透過重新調整營運職責和匯報關係，這個新結構還有助於提升和加強我們全球管理團隊的作用，使其專注於策略性的、更宏觀的選擇，包括旨在進一步加速有機成長和股東回報的選擇。

The second opportunity we have to win with our customers and accelerate our growth lies in ensuring all our teams have the growth capabilities, tools, and processes to operationalize growth and accelerate volumes while we maintain margin quality. I believe we can be better when it comes to service quality, speed to market as well as building comprehensive pipelines of growth opportunities, which are managed rigorously to drive top-line growth.

我們贏得客戶並加速成長的第二個機會在於確保我們所有的團隊都擁有成長能力、工具和流程來實現成長並加速銷量，同時保持利潤品質。我相信，在服務品質、上市速度以及建立全面的成長機會管道方面，我們可以做得更好，並透過嚴格管理來推動營收成長。

For the last several months, we have allocated additional time and resources to expand on our commercial excellence framework and to make sure we get the basics right 100% of the time. In addition, we are leveraging our global network of innovation centers to get even closer to our customers and develop the next generation of packaging solutions that meet their needs to preserve protect and promote their products in a way that supports circularity for the industry.

在過去的幾個月裡，我們分配了額外的時間和資源來擴展我們的商業卓越框架，並確保我們 100% 的時間都掌握正確的基礎知識。此外，我們正在利用我們的全球創新中心網絡來更加貼近我們的客戶，並開發下一代包裝解決方案，以滿足他們的需求，以支持行業循環的方式保護和推廣他們的產品。

Which brings me to sustainability. We have the opportunity to raise our sustainability profile and be an even stronger advocate in support of the best packaging solutions for consumers and customers to eliminate waste, lower carbon footprint, and increase recycling rates while preserving functionality. Selling sustainable packaging solution benefits the planet while driving value for shareholders. And I'm confident we can increase the pace of our efforts to support packaging portfolio transition for our customers with good economic stewardship.

這讓我想到了永續發展。我們有機會提高我們的永續發展形象，並成為更強大的倡導者，支持為消費者和客戶提供最佳包裝解決方案，以消除浪費、降低碳足跡、提高回收率，同時保留功能。銷售永續包裝解決方案造福地球，同時為股東創造價值。我相信，我們可以加快步伐，透過良好的經濟管理來支持客戶的包裝產品組合轉型。

In order to demonstrate our commitment to sustainability leadership, I elevated our own focus, appointing David Clark to the newly created role of Chief Sustainability Officer. Many of you will know Dave has been instrumental in advancing our sustainability agenda for many years, and we continue to make excellent progress, which is detailed in our 2024 sustainability report launched earlier this month. I've also tasked our teams to leverage the early wins we are having with (inaudible) to drive more growth from our innovative fiber-based offerings.

為了展現我們對永續發展領導力的承諾，我提升了我們自己的關注點，任命大衛克拉克 (David Clark) 擔任新設立的首席永續發展長一職。你們中的許多人都會知道，Dave 多年來一直在推進我們的永續發展議程方面發揮了重要作用，我們繼續取得出色的進展，這在本月初發布的 2024 年永續發展報告中有詳細介紹。我還要求我們的團隊利用我們所取得的早期勝利（聽不清楚）來推動我們基於纖維的創新產品的更多成長。

And finally, portfolio. We will drive accelerated growth by capitalizing on the opportunity to further orient our mix towards faster-growing higher-margin categories. We have been focusing on the priority categories of healthcare, meat, pet care and premium coffee, which we have also supplemented with value-accretive acquisitions.

最後，投資組合。我們將利用這個機會進一步將我們的產品組合轉向成長更快、利潤率更高的類別，從而推動加速成長。我們一直專注於醫療保健、肉類、寵物護理和優質咖啡等優先類別，並透過增值收購進行補充。

I believe we can further accelerate organic growth by adding two additional areas: dairy and liquid applications. Both have significant global growth opportunities. My confidence in the ability to generate higher levels of organic volume growth consistently and stronger returns for our shareholders is underpinned by Amcor's proven ability to focus, execute and deliver as we have demonstrated with safety.

我相信我們可以透過增加兩個額外領域來進一步加速有機成長：乳製品和液體應用。兩者都擁有重要的全球成長機會。我對持續實現更高水準的有機銷售成長和為股東帶來更豐厚回報的能力充滿信心，這得益於 Amcor 經證實的專注、執行和交付能力，正如我們在安全方面所證明的那樣。

Turning to slide 5. This focus will move us towards becoming the company Amcor will be known as in the future and my vision for Amcor. First, Amcor will be known as a sustainability champion. Amcor's purpose has grown in safely and efficiently bringing essential food and medicine to people around the world for our innovative packaging solutions. We do this with a commitment to the planet, contributing to significantly limiting food waste, decarbonizing our products and developing packaging solutions that ultimately eliminate waste in -- packaging waste in the environment, excuse me.

轉向幻燈片 5。首先，Amcor 將被譽為永續發展冠軍。 Amcor 的宗旨是透過我們的創新包裝解決方案安全且有效率地為世界各地的人們提供必需的食品和藥品。我們這樣做是出於對地球的承諾，致力於顯著限制食物浪費，使我們的產品脫碳，並開發包裝解決方案，最終消除環境中的包裝廢物，請原諒。

This is what inspires and motivates us, to continue driving differentiation and value for our customers, employees and shareholders. And it is this combination of unique capabilities and a clear purpose that sets Amcor up to be the sustainability partner of choice for our customers and drive the next generation of growth through circularity and decarbonization in a way no other company can.

這激勵和激勵我們繼續為我們的客戶、員工和股東推動差異化和價值。正是這種獨特的能力和明確的目標相結合，使 Amcor 成為我們客戶首選的永續發展合作夥伴，並以其他公司無法做到的方式透過循環和脫碳推動下一代成長。

Second is market leadership. Our unmatched scale, global reach, and the breadth of our sustainable packaging solutions and service offerings position Amcor to win as a critical supply partner to global, regional, national, and local customers. We will continue to build and expand on these strengths to help ensure Amcor becomes the go-to packaging solutions provider in our categories of choice for customers across the globe.

二是市場領先地位。我們無與倫比的規模、全球影響力以及永續包裝解決方案和服務的廣度使 Amcor 成為全球、區域、國家和當地客戶的關鍵供應合作夥伴。我們將繼續鞏固和擴展這些優勢，以幫助確保 Amcor 成為全球客戶選擇的類別中的首選包裝解決方案提供者。

Third, my vision is that Amcor will be well known for delivering consistent organic growth. As I've just covered, I see a clear opportunity to deliver higher levels of profitable volume-driven organic growth creating an even stronger company and unlocking value for our stakeholders.

第三，我的願景是 Amcor 將以持續的有機成長而聞名。正如我剛才所介紹的，我看到了一個明顯的機會，可以實現更高水平的盈利量驅動的有機增長，從而創建一家更強大的公司，並為我們的利益相關者釋放價值。

And fourth, as an investment, Amcor will be known globally towards highly compelling financial profile with consistent performance against our model of delivering 10% to 15% of annual value creation for shareholders. We expect to continue to generate significant free cash flow, maintain our investment-grade balance sheet and execute against our capital allocation strategy, which does not change. I'm excited with my vision for Amcor's future and with the priorities we have set geared toward accelerating growth.

第四，作為一項投資，Amcor 將以其極具吸引力的財務狀況和與我們為股東每年創造 10% 至 15% 的價值創造的模式相一致的業績而聞名全球。我們預計將繼續產生大量自由現金流，維持我們的投資等級資產負債表，並根據我們不會改變的資本配置策略執行。我對 Amcor 的未來願景以及我們為加速成長而製定的優先事項感到興奮。

As reflected in our Q1 volume performance, we are already starting to see some initial green shoots as a result of our efforts to date. There are many more opportunities ahead, and we will continue to be agile and evolve into an even stronger company.

正如我們第一季的銷售表現所反映的那樣，由於我們迄今為止的努力，我們已經開始看到一些初步的萌芽。未來還有更多機會，我們將繼續保持敏捷，發展成為更強大的公司。

Now turning to the quarter on slide 6. I'm pleased we delivered another quarter of volume growth with a trajectory improving for the third consecutive quarter. This also contributed to earnings growth in line with our expectations. And as mentioned, the solid start to the year has given us confidence to reaffirm our full-year guidance today. We're very optimistic on the demand trends we are seeing in the market, and we expect our volumes will continue to grow through the year.

現在轉向幻燈片 6 上的季度。這也有助於獲利成長符合我們的預期。如前所述，今年的良好開局使我們有信心今天重申我們的全年指引。我們對市場的需求趨勢非常樂觀，我們預計今年的銷售將繼續成長。

I'll now turn the call over to Michael to cover the results and outlook in more detail. Michael?

我現在將把電話轉給邁克爾，更詳細地介紹結果和前景。麥可？

Thank you, PK, and thanks to everyone joining us today. Starting with slide 7 and a summary of our Q1 financial results. Our fiscal 2025 year is off to a very good start with broad-based improving customer demand across many end markets. Our teams continue to position Amcor to win with our customers, which resulted in our third consecutive quarter of sequential improvement in volumes. Overall volumes for the fiscal first quarter were up approximately 2% compared with 1% in Q4.

謝謝你，PK，也謝謝今天加入我們的所有人。從投影片 7 開始，我們對第一季的財務表現進行了總結。我們的 2025 財政年度有了一個良好的開端，許多終端市場的客戶需求廣泛改善。我們的團隊繼續幫助 Amcor 贏得客戶的青睞，這使得我們的銷售連續第三個季度連續成長。第一財季的整體銷量比第四季的 1% 成長了約 2%。

As expected and called out in August, volumes remained weak in healthcare in North American beverage, which unfavorably impacted overall company volumes by approximately 2%. So across the balance of the business, overall volumes increased by 4% over the September quarter last year. Price/mix had an unfavorable impact on sales of approximately 3% primarily driven by continued destocking in higher-margin healthcare categories as expected and as noted on our August earnings call.

正如預期和 8 月所指出的那樣，北美保健飲料的銷量仍然疲弱，這對該公司整體銷量產生了約 2% 的不利影響。因此，在整個業務的平衡中，總銷量比去年 9 月的季度增長了 4%。價格/組合對銷售額產生了約 3% 的不利影響，這主要是由於利潤率較高的醫療保健類別的庫存持續減少，正如預期的那樣以及我們在 8 月份的財報電話會議上指出的那樣。

First-quarter adjusted earnings per share was in line with our expectations, coming in at $0.162 per share, which represents growth of 5% on a comparable constant currency basis. Adjusted EBIT grew by 3% compared with last year, and our teams continue to proactively manage costs well, helping drive operating leverage across the business. This resulted in another quarter of margin improvement with adjusted EBIT margin increasing by 50 basis points to 10.9%.

第一季調整後每股收益符合我們的預期，為每股 0.162 美元，以可比固定匯率計算成長 5%。調整後息稅前利潤與去年相比增加了 3%，我們的團隊繼續積極主動地管理成本，幫助提高整個企業的營運槓桿。這導致利潤率又一個季度得到改善，調整後的息稅前利潤率增加了 50 個基點，達到 10.9%。

Moving to our flexible segment on slide 8. Q1 volumes were up 3% compared with last year and improved modestly on a sequential basis, reflecting broad-based growth across most geographies and end markets. Net sales decreased by 1% on a comparable constant currency basis as widespread volume growth across the flexibles business was offset by unfavorable price/mix of approximately 4%, again, primarily related to lower healthcare sales.

轉到幻燈片 8 上的彈性部分。以可比固定匯率計算，淨銷售額下降了 1%，因為靈活業務的銷量普遍增長被約 4% 的不利價格/組合所抵消，這主要與醫療保健銷售額下降有關。

As anticipated and discussed on last quarter's call, destocking in healthcare continued in North America and Europe in pharmaceuticals, and this resulted in a headwind of approximately 2% to overall segment volumes. We expect this destocking to abate by the end of calendar 2024.

正如上季電話會議所預期和討論的那樣，北美和歐洲藥品領域的醫療保健去庫存仍在繼續，這導致整體細分市場銷售下降約 2%。我們預計這種去庫存現象將在 2024 年底前減弱。

Across the balance of our flexible portfolio, volumes were up approximately 5%, reflecting solid customer demand across all regions and in many product categories. In North America and Europe, first quarter demand continued to improve for the second consecutive quarter. Volumes were up low to mid-single digits in both regions despite the negative impact of healthcare destocking.

在我們靈活的產品組合中，銷量成長了約 5%，反映出所有地區和許多產品類別的強勁客戶需求。在北美和歐洲，第一季需求連續第二季持續改善。儘管醫療保健去庫存產生了負面影響，但這兩個地區的銷售量仍增長至中個位數。

In emerging markets, our Asia Pacific and Latin American businesses also continued to deliver good volume growth at low to mid-single-digit rates, supported by solid demand in China, India, Brazil and Peru. From a product category standpoint, meat, dairy, liquids and ready meals all delivered mid-single-digit growth and single-serve coffee was up. In healthcare, medical return to modest growth. However, pharma volumes were down low double digits compared with last year.

在新興市場，在中國、印度、巴西和秘魯強勁需求的支持下，我們的亞太和拉丁美洲業務也持續以低至中個位數的速度實現良好的銷售成長。從產品類別的角度來看，肉類、乳製品、液體和即食食品均實現了中個位數成長，單份咖啡也有所成長。醫療保健方面，醫療恢復溫和成長。然而，與去年相比，藥品銷售量下降了兩位數。

Adjusted EBIT for the quarter of $329 million grew by 3% over last year on a comparable constant currency basis. Higher volumes, combined with strong cost performance, led to another quarter of margin expansion, with adjusted EBIT margins up 40 basis points to 12.9%.

以可比固定匯率計算，本季調整後息稅前利潤為 3.29 億美元，比去年增長 3%。更高的產量加上強勁的性價比，導致利潤率又一個季度擴大，調整後的息稅前利潤率成長 40 個基點，達到 12.9%。

Turning to rigid packaging on slide 9. The rigid business continues to advance its performance and the trajectory of overall segment volumes improved for the third consecutive quarter. The business delivered another quarter of earnings growth despite a 4% decline in overall volumes compared with last year. As expected, this was primarily driven by continued soft consumer and customer demand in the North American beverage business.

轉向幻燈片 9 上的硬質包裝。儘管整體銷量與去年相比下降了 4%，但該業務的利潤又實現了一個季度的成長。正如預期的那樣，這主要是由北美飲料業務持續疲軟的消費者和客戶需求所推動的。

Net sales were down 4% on a comparable constant currency basis, with price/mix relatively flat. In North America, beverage volumes were down high single digits, consistent with our volume performance in the previous quarter despite a modest negative impact from the temporary closure of a couple of plants in the Southern Eastern United States toward the end of the quarter to help ensure our people remain safe from the impacts of Hurricane Helene. As anticipated entering the quarter, consumer demand remained muted in Amcor's key end markets and customer mix remained unfavorable.

以可比固定匯率計算，淨銷售額下降 4%，價格/組合相對持平。在北美，飲料銷量出現高個位數下降，與我們上一季的銷量表現一致，儘管美國東南部的幾家工廠在本季度末臨時關閉以幫助確保我們的人民仍然安全，免受颶風海倫的影響。正如進入本季的預期，Amcor 主要終端市場的消費者需求仍然低迷，客戶結構仍然不利。

Latin American volumes were lower than last year, reflecting weaker customer demand in Argentina and Colombia, which was partly offset by growth in Mexico and the Caribbean. The specialty containers business delivered good growth in the dairy and nutrition categories with volumes down in healthcare due to destocking.

拉丁美洲的銷售量低於去年，反映出阿根廷和哥倫比亞的客戶需求疲軟，但墨西哥和加勒比地區的成長部分抵消了這種需求。特種容器業務在乳製品和營養品類別中實現了良好成長，但由於去庫存，醫療保健類別的銷售量有所下降。

From an earnings perspective, the business delivered another quarter of growth and margin expansion through an ongoing focus on cost reduction and productivity measures. Adjusted EBIT of $62 million in Q1 was up 2% on a comparable constant currency basis, with EBIT margin increasing by 60 basis points to 7.7%.

從獲利角度來看，透過持續專注於降低成本和生產力措施，該業務實現了另一個季度的成長和利潤率擴張。第一季調整後息稅前利潤為 6,200 萬美元，以可比較固定匯率計算成長 2%，息稅前利潤率成長 60 個基點至 7.7%。

And as announced earlier today, we reached an agreement to sell our 50% interest in the Bericap North America closures business to our joint venture partner for $122 million, which we will use to reduce debt. Although we've had a long and respectful relationship with Bericap over the past 27 years, at this juncture, we have chosen to unwind the joint venture due to a differing view on near-term capital requirements and resulting returns. While Amcor continues to operate in the closure space, and it remains a category of interest, we are committed to maintaining our disciplined approach to capital allocation.

正如今天早些時候宣布的那樣，我們達成協議，以 1.22 億美元的價格將 Bericap 北美瓶蓋業務 50% 的權益出售給我們的合資夥伴，我們將用這筆資金來減少債務。儘管我們在過去 27 年裡與 Bericap 建立了長期且相互尊重的關係，但在此時此刻，由於對近期資本要求和由此產生的回報存在不同看法，我們選擇解散合資企業。雖然 Amcor 繼續在關閉領域開展業務，並且它仍然是一個令人感興趣的類別，但我們致力於維持我們嚴格的資本配置方法。

Moving to cash on the balance sheet on slide 10. Consistent with historical quarterly phasing, Q1 was a quarter of cash usage. Compared with last year, CapEx increased to support a number of important projects that will continue to drive our sustainability, innovation, and growth agendas.

轉到投影片 10 上資產負債表上的現金。與去年相比，資本支出有所增加，以支持許多重要項目，這些項目將繼續推動我們的永續發展、創新和成長議程。

Additionally, we increased raw material inventories to ensure we are ready to service improving volume trends. Leverage was a little higher than we were anticipating, given the impact of higher inventories and secondly, due to stronger euro spot rates toward the end of the quarter, which negatively impacted debt and subsequent leverage by 0.1 times, which has since unwound.

此外，我們還增加了原材料庫存，以確保我們準備好滿足不斷增長的銷售趨勢。考慮到庫存增加的影響，槓桿率略高於我們的預期，其次是由於臨近季度末歐元即期匯率走強，這對債務和隨後的槓桿率產生了 0.1 倍的負面影響，此後槓桿率已解除。

We expect leverage to reduce through the fiscal year and anticipate an improvement in the second quarter with an end point below prior year December. And we remain confident in meeting our expectation to exit fiscal 2025 with leverage at 3 times or lower. During the quarter, we returned approximately $180 million in cash to shareholders through our quarterly dividend, and our Board has also increased the quarterly dividend per share by 2% to $0.1275.

我們預計整個財年槓桿率將下降，並預計第二季將有所改善，終點將低於去年 12 月。我們仍有信心實現 2025 財年以 3 倍或更低槓桿率退出的預期。本季度，我們透過季度股息向股東返還了約 1.8 億美元現金，董事會還將每股季度股息增加了 2% 至 0.1275 美元。

That brings me to the outlook on slide 11. As PK mentioned, based on our good start to fiscal 2025, we are reaffirming our guidance for the fiscal year. For fiscal 2025, we continue to expect adjusted earnings to be in the range of -- to be in the range of $0.72 to $0.76 per share on a reported basis, representing comparable constant currency growth of 3% to 8%.

這讓我想到了幻燈片 11 中的展望。對於 2025 財年，我們繼續預期調整後收益將在報告基礎上每股 0.72 美元至 0.76 美元之間，相當於 3% 至 8% 的可比恆定貨幣成長率。

Our performance through the first quarter further supports our expectations for strong growth in the underlying business for the year as we continue to build on our volume and earnings momentum. As we pointed out on our August call, it's important to remember that this guidance includes an EPS headwind of approximately 4% related to more normalized levels of incentive compensation based on our expectations for improved annual financial results.

隨著我們繼續擴大銷售和獲利勢頭，我們第一季的業績進一步支持了我們對今年基礎業務強勁成長的預期。正如我們在8 月的電話會議上指出的那樣，重要的是要記住，該指導包括約4% 的每股收益逆風，這與基於我們對年度財務業績改善的預期的更正常化的激勵薪酬水平有關。

Excluding this incentive normalization, we expect growth from the underlying business in the high single to low double-digit range. We continue to assume overall volumes will increase in the low to mid-single-digit range for the year with trading performance through October aligned with these expectations. Interest expense guidance remains between $290 million and $305 million, with an effective tax rate in the range of 19% to 20%.

排除這種激勵正常化，我們預期基礎業務的成長將在高個位數到低兩位數的範圍內。我們繼續假設今年總交易量將在低至中個位數範圍內成長，截至 10 月的交易表現與這些預期一致。利息支出指引維持在 2.9 億至 3.05 億美元之間，有效稅率在 19% 至 20% 之間。

Looking at our fiscal second quarter, we expect adjusted EPS to be relatively in line with our first quarter performance. This means fiscal 2025 earnings phasing as outlined on our August earnings call will be broadly aligned with the historical average of approximately 45% of earnings being delivered in the first half of the year and 55% in the second half, with the fourth quarter typically the strongest of the year.

看看我們的第二財季，我們預計調整後的每股盈餘將與我們第一季的業績相對一致。這意味著我們在8 月的財報電話會議上概述的2025 財年盈利分階段將與歷史平均水平大致一致，即上半年交付的收益約為45%，下半年交付的收益為55%，而第第四季通常是年度最強。

And finally, we're affirming our expectations to generate strong adjusted free cash flow in the range of $900 million to $1 billion for the year, supporting our confidence in exiting the year with the leverage back at 3 times or lower, as I noted earlier. We're happy with our start to fiscal 2025 and look forward to the opportunities we have to accelerate our future growth.

最後，我們確認今年將產生 9 億至 10 億美元的強勁調整後自由現金流，這支持了我們以槓桿率回到 3 倍或更低的方式退出今年的信心，正如我之前指出的那樣。我們對 2025 財年的開局感到滿意，並期待加速未來成長的機會。

And with that, I'll hand back to PK.

說到這裡，我將交回PK。

Thank you, Michael. Turning to Slide 12 for a few closing remarks prior to opening the call to questions. I'm pleased with the overall performance trajectory of business, and I'm excited about the significant opportunities we have ahead of us to enhance our profitable growth profile. As I noted earlier, we have already taken a number of concrete actions designed to accelerate volume growth, each of which further strengthens our ability to generate attractive, sustainable shareholder returns.

謝謝你，麥可。在開始提問之前，請參閱投影片 12，以了解一些結束語。我對業務的整體業績軌跡感到滿意，並對我們面前的重大機會感到興奮，以提高我們的獲利成長狀況。正如我之前指出的，我們已經採取了一系列旨在加速銷售成長的具體行動，每一項行動都進一步增強了我們創造有吸引力的、可持續的股東回報的能力。

Customer demand is improving broadly. And Q1 was another quarter of volume growth with earnings in line with our expectations. We continue to build financial momentum and evolve our strategic focus to unlock value, supporting the reaffirmation of our financial guidance for fiscal 2025.

客戶需求普遍改善。第一季是銷售成長的另一個季度，收益符合我們的預期。我們繼續增強財務動力並發展我們的策略重點以釋放價值，支持重申我們的 2025 財年財務指導。

Operator, we're ready to take questions.

接線員，我們準備好回答問題了。

(Operator Instructions)

（操作員說明）

Ghansham Panjabi, Baird.

甘沙姆‧潘嘉比 (Ghansham Panjabi)，貝爾德 (Baird)。

PK, first off, congrats on the new role. Best wishes in the future. So I guess in your vision slide specific to the organic growth component. I know it's early in your tenure, you've been in the company for a while, though. Can you share specifics on how exactly you intend to do that in the low growth end markets that both your segments sort of exposed towards? And do you anticipate any portfolio repositioning that's needed to accomplish that, including any divestitures? Thanks.

PK，首先恭喜新角色。祝未來一切順利。所以我想在你的願景中，幻燈片專門針對有機成長部分。我知道你剛上任，但你已經在公司工作了一段時間了。您能否具體說明您打算如何在您的兩個細分市場都面臨的低成長終端市場中做到這一點？您是否預計要實現這一目標需要進行任何投資組合重新定位，包括任何資產剝離？謝謝。

That's a great question, Ghansham. And you're right, I believe that driving a better organic volume growth profile is probably the biggest opportunity the company has. And I'll give you a couple of soundbites where I think we need to work to facilitate that. The first one is really basic, if you want because you want to get the basics right, service quality, you want to be easy to do business with for the customers, which is one thing that we just need to continue to have an eye on. And I said in my prepared remarks, we can probably do better on that side or do even better.

這是一個很好的問題，甘沙姆。你是對的，我相信推動更好的有機銷售成長可能是該公司最大的機會。我會給你們一些我認為我們需要努力促進這一點的摘要。第一個是非常基本的，如果你想要，因為你想要獲得正確的基礎知識，服務質量，你想要輕鬆地為客戶做生意，這是我們需要繼續關注的一件事。我在準備好的發言中說過，我們可能可以在這方面做得更好，甚至更好。

The second one is related to capabilities where -- remember, we are essentially looking at Amcor at a commercial excellence program, which we brand value plus, which however, given our past has really been focused on driving mix and margins. And that was an excellent pool for a challenge that we had many years ago, and you know that, that was highly successful in delivering returns for us. I think we have an opportunity to expand, but not reinvent the program to expand the program to also include elements of organic volume growth and initiatives that go in that direction. And we have already started doing that.

第二個與能力有關——請記住，我們本質上是在商業卓越計劃中關注安姆科，我們品牌重視該計劃，但考慮到我們過去確實專注於推動組合和利潤。這是一個很好的資金池，可以應對我們多年前面臨的挑戰，而且您知道，這在為我們帶來回報方面非常成功。我認為我們有機會擴展該計劃，但不必重新設計該計劃，以將其納入有機數量增長的要素以及朝著這個方向發展的舉措。我們已經開始這麼做了。

The other capability side that I would see is just leveraging better and more our incredible innovation capabilities. And very simply said, to a certain extent that comes down to just leveraging our product portfolio across the global markets, particularly in flexibles. We have incredible success with certain products that we bring to certain categories in the marketplace.

我認為的另一個能力方面就是更好、更多地利用我們令人難以置信的創新能力。簡單地說，在某種程度上，這歸結為利用我們在全球市場上的產品組合，特別是在靈活產品方面。我們在市場上某些類別的某些產品上取得了令人難以置信的成功。

And we have -- we see opportunities to use those products also in other regions, other markets across the world. And that leverage opportunity, I think we want to go after more consistently in the organization that we've set that really helps us. And then you know that we have an innovation center network that we leverage more going forward because we've invested in it, and we have excellent customer contact already in those innovation centers.

我們看到了在世界其他地區、其他市場使用這些產品的機會。我認為我們希望在我們設立的真正對我們有幫助的組織中更一致地追求這種槓桿機會。然後你知道我們有一個創新中心網絡，我們在未來會更多地利用它，因為我們已經對其進行了投資，並且我們在這些創新中心已經擁有良好的客戶聯繫。

Then very quickly to just round it off, we have focus categories, our segment, our focus on those categories in terms of need going forward, probably we'll talk more about protein because we had dairy, healthcare, well, that's a bit of a holdback at this point in time, but we're seeing through that. This is a great category that will get back to growth and a couple of others that I can speak more to, if you want to know more and then we have the opportunity on the fiber side.

然後很快就結束了，我們有重點類別，我們的細分市場，我們在未來需求方面對這些類別的關注，可能我們會更多地談論蛋白質，因為我們有乳製品，醫療保健，嗯，這有點目前這是一個阻礙，但我們正在解決這個問題。這是一個很棒的類別，將恢復增長，如果您想了解更多信息，我可以與其他幾個類別進行更多交談，然後我們在光纖方面有機會。

So as I'm going through those points, you can see that we're pretty bolted around the initiatives. At the same time, they're broad, and we're setting them up to facilitate the organic growth side of things. So that was a long-winded question -- answer to your first question. The second one was, do we see any opportunities to prune the portfolio? Whatever. Look, I think that's always going to be on the agenda. But I'll tell you right now, I feel pretty good about the portfolio that we're working with across flexibles and Rigid Packaging. So I don't see any immediate need to make any changes there.

因此，當我討論這些要點時，您可以看到我們對這些舉措非常著迷。同時，它們的範圍很廣，我們設置它們是為了促進事物的有機增長。這是一個冗長的問題——回答你的第一個問題。第二個問題是，我們是否看到任何調整投資組合的機會？任何。聽著，我認為這永遠會被提上議程。但我現在就告訴你，我對我們正在使用的軟包裝和硬包裝產品組合感覺非常好。所以我認為沒有立即需要做出任何改變。

John Purtell, Macaquarie.

約翰‧珀特爾，麥格理。

Good day PK and Michael. Congrats, PK, on the role. Just on Q1 volume growth, just confirming that sort of broadly where you thought it would be. So obviously, your flexible volumes are up 3%, which is the same as what we saw in Q4, but not an acceleration.

PK 和邁克爾，美好的一天。恭喜你，PK，獲得這個角色。就第一季的銷售成長而言，只是確認了您所認為的大致情況。顯然，你們的彈性交易量成長了 3%，這與我們在第四季看到的相同，但並不是加速。

Yes, John. Look, first off, we're pretty encouraged about the volume performance in the first quarter. And if I just take you through that, overall company volume performance, plus 2%, which is 100 basis points up versus the quarter before. I'd say that, that is broadly in line with what we were expecting. If we put healthcare in North American beverage to the side, which is about 25% of our sales in the first quarter, the balance of the portfolio is up 4%.

是的，約翰。首先，我們對第一季的銷售表現感到非常鼓舞。如果我簡單地向您介紹一下，公司整體銷售表現將增加 2%，比上一季成長 100 個基點。我想說，這與我們的預期基本一致。如果我們將北美飲料中的醫療保健業務（約占我們第一季銷售額的 25%）放在一邊，那麼投資組合的餘額將增加 4%。

And you specifically referenced flexibles. Flexibles is up, yes, 3%. That includes health care, which is still a bit of a holdback but the rest of the portfolio is up 5%. So we feel pretty good about that. We feel pretty good because we also understand the health care dynamics.

你特別提到了靈活的。靈活的股票上漲了，是的，上漲了 3%。其中包括醫療保健，該領域仍然有點阻礙，但投資組合的其餘部分上漲了 5%。所以我們對此感覺很好。我們感覺很好，因為我們也了解醫療保健動態。

And healthcare, as you know, breaks out in two subcategories: one is medical; the other one is pharma. On medical, as we have said in prior calls, we are no longer seeing destocking. As a matter of fact, medical is back in growth territory in the first quarter '25. Pretty much as expected in the destocking, you can say has come to an end.

如您所知，醫療保健分為兩個子類別：一是醫療；二是醫療。另一種是製藥。在醫療方面，正如我們在先前的電話會議中所說，我們不會再看到去庫存的情況。事實上，醫療產業在 25 年第一季又回到了成長領域。去庫存正如預期的那樣，可以說已經結束。

What's holding us back now is really just pharma. We have a pretty strong pharma exposure, but pharma has started its destocking a little later than medical about a quarter. So we're still seeing destocking from pharma.

現在阻礙我們的其實只是製藥。我們擁有相當強大的製藥業務，但製藥業開始去庫存的時間比醫療行業晚了約四分之一。因此，我們仍然看到製藥公司去庫存。

And we believe that, that will sort of roll also partly into the second quarter. But as we leave the second quarter, I think we're going to see that destocking is abating and setting us up for a much better back half of the year.

我們相信，這也將部分延續到第二季​​。但當我們離開第二季時，我認為我們將看到去庫存正在減弱，並為我們今年下半年的表現做好準備。

So with that said, I'd say we're feeling pretty good about the volume story in the first quarter. And if I look forward into the second quarter, we're definitely expecting no sequential volume improvement in Q2, too. So I'm in a spot where say I'm very happy with how the volumes are currently coming back.

話雖如此，我想說我們對第一季的故事感覺非常好。如果我展望第二季度，我們肯定預期第二季的銷售量也不會較上季改善。因此，我對目前銷售的恢復情況感到非常滿意。

George Staphos, Bank of America.

喬治‧斯塔福斯，美國銀行。

PK, congratulations. A lot of content here. I'll try to keep it at one question. Can you update us on some of how some of your newer products in the last few years, [AmPrima], AmFiber are doing? You had -- you called AmFiber, in particular. I believe there was a comment in the slide deck on AmPrima as well.

PK，恭喜。這裡有很多內容。我會盡力將其保留為一個問題。您能否向我們介紹您過去幾年的一些新產品 [AmPrima]、AmFiber 的表現？你特別打電話給 AmFiber。我相信 AmPrima 的幻燈片中也有一條評論。

If you index those or somehow quantify it, what's been the growth in those products? How important are they broadly to the portfolio overall? And relatedly, as you look out at the packaging packing waste reduction, [tenets] that they're off a few years, but then less your customers are going to have to deal with them and you will as well, are there any things that are looking a little bit more challenging for Amcor's portfolio to manage against maybe the recycled scale requirements? How would you have us think about that? Thank you.

如果您對這些產品進行索引或以某種方式對其進行量化，那麼這些產品的成長是多少？它們對於整體投資組合有多重要？與此相關的是，當你專注於包裝垃圾的減少時，[原則]他們會關閉幾年，但隨後你的客戶將不得不與他們打交道，你也會，有什麼事情可以減少嗎？的產品組合在管理再生規模要求方面更具挑戰性？您會讓我們如何考慮這個問題？謝謝。

Yes, George. Great question again. I'll try to keep it short, too because there's a lot of content here. Let me go backwards. First of all, we're acutely aware, obviously, of regulatory trends, and that would include the packaging waste regulation in Europe.

是的，喬治。又是一個好問題。我也會盡量簡短，因為這裡的內容很多。讓我向後退。首先，我們顯然敏銳地意識到監管趨勢，其中包括歐洲的包裝廢棄物監管。

And the general headline around that from our side is we're supportive. We're supportive of such regulation to the extent that it drives the circularity that we need in order to keep plastic waste out of the environment. So the regulation is good, and we are supportive of that. It is exactly in that context that we're developing product platforms like AmFiber, like AmPrima, and others that are essentially developed in order to comply with such regulation. And what they all have in common is that these products are more sustainable and they're recyclable.

我們這邊的整體標題是我們支持。我們支持此類監管，因為它可以推動我們所需的循環，以防止塑膠廢物進入環境。所以監管是好的，我們是支持的。正是在這種背景下，我們正在開發 AmFiber、AmPrima 等產品平台，以及其他本質上是為了遵守此類法規而開發的產品平台。它們的共同點是這些產品更具可持續性且可回收。

And you asked me to talk a little bit more about fiber also.

您還要求我多談談纖維。

Look, fiber in the context of what I just said, fits perfectly in because it is another sustainable packaging substrate which has one advantage at this point in time, it is recyclable at scale today. And whereas for plastic, we're building within the concept of circularity that recyclability, but it requires more investment into infrastructure and so on and so forth. And fiber that is already there. And therefore, the substrate fiber appeals to customers and consumers at this point in time.

看，纖維在我剛才所說的背景下非常適合，因為它是另一種可持續的包裝基材，目前具有一個優勢，即今天可以大規模回收。而對於塑料，我們正在循環概念中建立可回收性，但它需要對基礎設施等進行更多投資。和已經存在的纖維。因此，基材纖維此時對客戶和消費者有吸引力。

Now I will tell you that we need to keep in mind that fiber is a natural substrate and it's porous. It's full of hold, which is against the requirements that we have when we think about primary packaging, which is, to a large extent, about creating barrier properties in order to protect the food stuff that's inside. And therefore, fiber will always have a very limited range of applications across the board of what we're serving today. But where it fits it is a responsible packaging substrate. And as a company that is a responsible packaging company, we proactively explore the opportunities on that end.

現在我要告訴您，我們需要記住，纖維是天然基材且是多孔的。它充滿了支撐力，這違背了我們對初級包裝的要求，初級包裝在很大程度上是為了創造阻隔性能以保護裡面的食品。因此，就我們今天所服務的領域而言，光纖的應用範圍始終非常有限。但它適合的地方是負責任的包裝基材。作為一家負責任的包裝公司，我們積極探索這方面的機會。

And therefore, we have developed the platform of AmFiber, a product that we have is the performance paper product, which actually differentiates us really well because we've been able to introduce barrier properties which makes that solution really attractive to certain applications. And the same essentially is true for AmPrima. It's a plastic-based product, but it's a recyclable plastic-based product, which therefore, is finding good pickup into the marketplace.

因此，我們開發了 AmFiber 平台，我們擁有的產品是高性能紙產品，這實際上使我們非常與眾不同，因為我們已經能夠引入阻隔性能，這使得該解決方案對某些應用非常有吸引力。 AmPrima 本質上也是如此。它是一種基於塑膠的產品，但它是一種可回收的基於塑膠的產品，因此在市場上很受歡迎。

But I will tell you, and that's my last comment in terms of dimensionalizing and it would have to probably come back to you, but I'd say we're working -- we're pretty -- AmPrima is a pretty sizable base at this point in time, and it continues to grow. The fiber substrate is growing, but off a smaller base and we see more growth opportunities going forward in line with, first of all, our growth aspirations, but secondly, also with the responsibility that we feel for more sustainable structures.

但我會告訴你，這是我在維度化方面的最後評論，它可能會回到你身邊，但我會說我們正在工作 - 我們很漂亮 - AmPrima 是一個相當大的基礎到這個時間點，並且它還在繼續增長。纖維基材正在成長，但基礎較小，我們看到更多的成長機會，首先符合我們的成長願望，其次也符合我們對更永續結構的責任。

James Wilson, Jarden Australia.

詹姆斯威爾遜，澳洲花園。

Just on the Bericap unwind of the joint venture, are you able to talk us through: a, what the strategic rationale behind unwinding that joint venture was and also the implications that, that will then have for Rigids earnings going forward as well, please?

就在 Bericap 解散合資企業的問題上，您能否向我們介紹一下：a，解散該合資企業背後的戰略理由是什麼，以及這對 Rigids 未來收益的影響是什麼？

Yes, James, happy to do so, and I'll take the first part of your question, and then I hand it off to MC here, to Michael to talk about the earnings implications. Look, the first thing that I will say is we continue to be attractive to the closure space and we actually continue to operate in closures. We have a metal-based closures range that is very much focused on wine and spirits. We also have closures in the specialty containers business on the rigid side.

是的，詹姆斯，很高興這樣做，我將回答你問題的第一部分，然後我將其交給 MC，邁克爾來討論對收益的影響。看，我要說的第一件事是我們繼續對閉包空間具有吸引力，並且我們實際上繼續在閉包中運作。我們有一個金屬瓶蓋系列，主要針對葡萄酒和烈酒。我們也關閉了剛性特種貨櫃業務。

If you add all that business together, you will end up with a top line between $200 million, $300 million. And I think that's a pretty sizable exposure still. So strategically, no change in positioning to the closure space.

如果將所有這些業務加在一起，最終的收入將在 2 億至 3 億美元之間。我認為這仍然是相當大的風險。因此，從策略上講，封閉空間的定位沒有改變。

Now why then sell off top line in a period where you want to grow and with the business you're strategically interested in? When something like this happens in a joint venture environment, it's typically because you have differences with your joint venture partner about the development of the business going forward. And that's exactly what happened here. We weren't comfortable with the views of our partner with regards to the amount of capital that the partner perceived to be necessary to develop the business going forward and the time it took to get to returns that were attractive to us.

現在，為什麼要在您想要成長的時期出售您策略上感興趣的業務呢？當類似的事情發生在合資企業環境中時，通常是因為您與合資夥伴對於未來業務的發展有分歧。這正是這裡發生的事情。我們對合作夥伴的觀點感到不滿意，即合作夥伴認為未來發展業務所需的資本金額以及獲得對我們有吸引力的回報所需的時間。

We sat together with a partner and then internally, and we thought about what to do. The fact is that our businesses are competing for capital. And we have a capital allocation model in the company where we felt we have other opportunities across the business where we can put the capital to work at better returns in a shorter period of time. And that was essentially the reason and the strategic background to the divestment and it really just demonstrates that we're very disciplined around our capital allocation model.

我們和一位夥伴坐在一起，然後在內部思考該怎麼做。事實上，我們的企業正在爭奪資本。我們公司有一個資本配置模型，我們認為我們在整個業務中還有其他機會，可以在更短的時間內將資本投入到更好的回報中。這本質上就是撤資的原因和策略背景，它確實顯示我們對資本配置模式非常嚴格。

Yes. Thanks, PK. And James, just to dimensionalize it for you. I mean, on an annual basis, we consolidate the revenue and earnings of the joint venture. Sales-wise, about $190 million on an annual basis. So remembering the -- this divestment will close at the end of December.

是的。謝謝，PK。詹姆斯，只是為你將其維度化。我的意思是，我們每年都會合併合資企業的收入和收益。以年銷售額計算，約 1.9 億美元。所以請記住——這次撤資將於 12 月底結束。

So it's really a half year impact for FY25. And from an EBIT standpoint, about $19 million, which both sit in the rigid packaging segment. From a net income perspective at an Amcor level, the group level, after taking out the minority interest, it's about an $8 million net income on an annualized basis. So again, you've got to take half of that for FY25 and obviously, with the proceeds going to reduce net debt, we are going to see some interest benefit from that. So when you put the two of those together actually for '25 and ongoing the impact of the net income line is very minor.

所以這對 25 財年來說確實是半年的影響。從息稅前利潤的角度來看，大約為 1,900 萬美元，兩者都屬於硬質包裝領域。從Amcor層面、集團層面的淨利角度來看，扣除少數股東權益後，年化淨利約800萬美元。因此，你必須在 25 財年拿出一半的資金，顯然，隨著收益將減少淨債務，我們將看到一些利息收益。因此，當你將 25 年的這兩者放在一起並持續進行時，淨利潤線的影響非常小。

I just want to round off that comment because I don't know who's dialed in here, maybe even our joint venture partners, dialed in. And I just want to say a very, very respectful relationship over many years and very amicable sort of wind up of the joint venture. And I know that the business will do well going forward, and it's good that the business again has clear direction.

我只是想結束這個評論，因為我不知道誰撥通了這裡，甚至可能是我們的合資夥伴，撥通了。我知道該業務未來將會表現良好，而且業務再次有了明確的方向是件好事。

Mike Roxland, Truist Securities.

麥克‧羅克克蘭 (Mike Roxland)，Truist 證券公司。

I'll just echo what everybody said for PK, congrats on the role. My question is regarding your algorithm in terms of annual margin improvement. Historically, Amcor targeted 30 to -- 20 to 30 basis points of this improvement, but over the last few years, and I think even destocking, you developed a leaner cost structure.

我只是重複大家對 PK 的看法，恭喜你獲得這個角色。我的問題是關於您的演算法在年度利潤率改善方面的情況。從歷史上看，Amcor 的目標是提高 30 至 20 至 30 個基點，但在過去幾年中，我認為即使是去庫存，也形成了更精簡的成本結構。

So given this cost structure is leaner, and even some of those costs just (inaudible) come back, would it be fair to say that the algorithm at least in the near term has shifted higher. So maybe the 20 to 30 basis points of margin improvement could be 30 to 40 for the next year or two as you solely add back cost to the business.

因此，考慮到這種成本結構更加精簡，甚至其中一些成本剛剛（聽不清楚）回來，可以公平地說，演算法至少在短期內已經變得更高了。因此，未來一兩年，利潤率提高 20 到 30 個基點可能會達到 30 到 40 個基點，因為你只需要增加業務成本。

I'll start on that one, Mike. I think your observations are correct in the near term. I mean, obviously, the last couple of years, there's been a bit of a disconnect, particularly when you think about raw materials going through the top line inflation going through the top line, then the impact of lower volumes, the cost-out agenda. So it's -- if you go back over time for Amcor over a long period of time, that 20 to 30 basis point algorithm works for us. It's been pretty consistent, but it can vary and fluctuate over the cycle. As we look forward, we still feel pretty confident around that algorithm.

我將從那開始，麥克。我認為你的觀察在短期內是正確的。我的意思是，顯然，在過去的幾年裡，出現了一些脫節，特別是當你考慮原材料經歷頂線通貨膨脹、然後是銷量下降的影響、成本削減議程時。所以，如果你回顧一下 Amcor 的很長一段時間，你會發現 20 到 30 個基點的演算法對我們來說是有效的。它非常一致，但在整個週期中可能會發生變化和波動。展望未來，我們仍然對該演算法充滿信心。

We consistently driving efficiency through the business, managing our cost base really tightly, and we can flex the cost base on volume demand. And it's not linear necessarily. So if cost comes down, volumes come off, we can pull the cost down. It doesn't necessarily go back up at the same rate.

我們始終如一地提高業務效率，嚴格管理我們的成本基礎，並且我們可以根據產量需求靈活調整成本基礎。而且它不一定是線性的。因此，如果成本下降，銷售量下降，我們就可以降低成本。它不一定會以相同的速度回升。

I think as we look over a long period of time, the mix management, the portfolio really drive that consistency through and PK touched on some of the new product innovation, the sustainable structures. They all have different margin profiles as we look forward. So from where I sit, I think it's still a good algorithm from where we are. And we kind of stand by that as we look forward. But it will vary from time to time depending on the cycle we're in.

我認為，當我們長期觀察時，組合管理、產品組合確實推動了一致性，PK 涉及一些新產品創新、永續結構。正如我們所期待的，它們都有不同的利潤狀況。因此，從我的角度來看，我認為這仍然是一個很好的演算法。我們在展望未來時也堅持這一點。但根據我們所處的周期，它會不時改變。

Daniel Kang, CLSA.

丹尼爾康，里昂證券。

Congrats again to PK. Just a question on the addition of dairy and liquids into the focus categories. Can you just talk us through the opportunity here we see Amcor currently sits in these categories and your realistic sort of medium-term targets.

再次恭喜PK。只是一個關於將乳製品和液體添加到焦點類別的問題。您能告訴我們這裡的機會嗎？

Yes, Daniel, Happy to do that. Look, the most important thing is that in dairy and also in liquids, we have a very strong position in North America. And that's on the back of differentiated product solutions that go into these two segments. Now dairy is what dairy says, right? It's hard cheese, soft cheese, could go up to yogurt.

是的，丹尼爾，很高興這樣做。看，最重要的是，在乳製品和液體領域，我們在北美擁有非常強大的地位。這是基於進入這兩個細分市場的差異化產品解決方案的支援。現在乳製品就是乳製品所說的，對嗎？這是硬奶酪，軟奶酪，可以升級為酸奶。

So it's a whole dairy space. Liquids is one that may be a little less obvious, and we always struggle internally how to define that best. It's essentially packaging solutions for what we call pumpable food. So you would have sauces in there, like ketchup, mayo, all kinds of different other sauces. You would have puree food like apple sauce and you would also have some beverage applications in their in pouches, for example.

所以這是一個完整的乳製品空間。液體是一種可能不太明顯的液體，我們內部總是在努力如何最好地定義它。它本質上是我們所說的可泵送食品的包裝解決方案。所以裡面會有醬汁，像是番茄醬、蛋黃醬、其他各種醬汁。例如，您可以使用蘋果醬等果泥食品，也可以在袋裝中使用一些飲料。

Now that just explains the category in both of these categories, we have a very strong position in North America. And we have just come out the quarter where we have seen solid mid-single-digit growth in those categories. And we believe that one of the big opportunities that we have before we get like super complex and sophisticated around developing new products and so on and so forth, it's just simply leveraging the products that we bring to market successfully in North America, across the global reach that we have in flexibles.

現在這只是解釋了這兩個類別中的類別，我們在北美擁有非常強大的地位。我們剛結束這個季度，我們看到這些類別實現了穩定的中個位數成長。我們相信，在我們圍繞開發新產品等變得超級複雜和複雜之前，我們所擁有的巨大機會之一就是簡單地利用我們在北美和全球範圍內成功推向市場的產品達到我們在柔性方面的水平。

And that's, first and foremost, what we want to do. So it's a product leverage challenge. Of course, there's also going to be additional innovation that we bring to these categories. But in the short term, I think it's product leverage. And that's something that we can do better going forward. We have -- just in order to calibrate also, we have annual revenues in those categories somewhere between $800 million and $1 billion in each one. So it's big. We have -- we are well positioned.

這就是我們首先要做的事。所以這是一個產品槓桿挑戰。當然，我們也會為這些類別帶來更多創新。但短期來看，我認為是產品槓桿。這是我們未來可以做得更好的事。為了進行校準，我們在這些類別中的每個類別的年收入在 8 億美元到 10 億美元之間。所以它很大。我們已經處於有利位置。

We have good products, and we have markets that will have an opportunity to adopt those. And we have an opportunity to create some revenues on that basis. We're excited about that, and this is where we're coming from.

我們擁有優質的產品，並且我們擁有有機會採用這些產品的市場。我們有機會在此基礎上創造一些收入。我們對此感到興奮，這就是我們的出發點。

Sam Cielo, Citi.

薩姆·西洛，花旗銀行。

Just a quick one on net debt. You're obviously growing volumes and earnings, but when I look at your net debt, 3.5 times, it's actually higher than 2.3 times last year at this time. So just wondering at a high level if you can unpack that cash drag in particularly the working capital and how we should think about that cash conversion as volumes and inventories kind of meet with it.

簡單介紹一下淨債務。很明顯，你的銷售和收入都在成長，但當我看到你的淨債務時，3.5 倍，實際上比去年這個時候的 2.3 倍高。因此，我只是想知道，您是否可以從高層次上解開現金拖累，特別是營運資金，以及我們應該如何考慮現金轉換，因為數量和庫存與之相匹配。

Yes. Thanks, Sam. It's a good question. Look, I agree. Firstly, with leverage at 3 times, we would say that's the peak. And it's a little higher than we were expecting in Q1, we would expect to see. And truly, it's for a couple of reasons. Firstly, as I mentioned in my remarks, we saw some spike in spot FX rates for euro that were higher than we were expecting at the end of the September quarter, which have since come back, and that had an impact of just the calculation 0.1 on leverage for the quarter. And as I said, that's unwound since then.

是的。謝謝，山姆。這是一個好問題。聽著，我同意。首先，槓桿為3倍，我們可以說這是峰值。我們預計這一數字略高於我們第一季的預期。事實上，這有幾個原因。首先，正如我在發言中提到的，我們看到歐元即期匯率出現一些飆升，高於我們在 9 月份季度末的預期，此後又回來了，這對計算的影響僅為 0.1關於本季度的槓桿率。正如我所說，從那時起，這個問題就不再發生了。

Secondly, we did build additional inventory, particularly of raw materials in the quarter. And this was really on the back of a couple of things. Firstly, we are seeing strong demand signals and PK touched on a little particularly in Q2. We've seen over the last 3 quarters sequential improvement in in volume, and that demand signal continues into Q2. And we really don't want to miss any opportunity to service our customers on that basis.

其次，我們確實建立了額外的庫存，特別是本季的原料庫存。這確實是由幾件事造成的。首先，我們看到強烈的需求訊號，尤其是在第二季度，PK 有所觸及。我們看到過去三個季度銷售持續改善，並且這種需求訊號持續到第二季​​。我們真的不想錯過任何在此基礎上為客戶提供服務的機會。

So the teams have been out there and increasing inventory, probably a little more conservative, but also the other thing that we have seen is a little bit of supply chain disruption and some tremors in the market, particularly around port strikes, a little bit of impact coming out of the Middle East as well. So it was pretty reasonable for the teams to take a little bit of a conservative view on there just to make sure we've got the right inventory in place, the raw materials there to be able to convert as we work our way through the stronger demand.

因此，團隊一直在外面增加庫存，可能更加保守一些，但我們看到的另一件事是供應鏈出現了一點中斷，市場出現了一些震動，特別是在港口罷工方面，影響也來自中東。因此，團隊對那裡採取一點保守的看法是相當合理的，只是為了確保我們有合適的庫存，那裡的原材料能夠在我們努力通過更強大的過程中進行轉換。

So if you put those two things aside, leverage would have been at 3.3 times, pretty well aligned with prior year and about right where we would have expected it to be for this time of year. But that said, it's higher than we like. And as we look forward, we've got a clear plan to work it down. We reaffirmed the full year cash flow guidance today, that $900 million to $1 billion and we have confidence in that, particularly as we work our way through the inventories and we see the higher volumes come through.

因此，如果你把這兩件事放在一邊，槓桿率將是 3.3 倍，與去年同期非常吻合，並且與我們對每年此時的預期水平相當。但話雖如此，它比我們想要的還要高。展望未來，我們已經制定了明確的計劃來解決這個問題。今天我們重申了全年現金流指引，即 9 億至 10 億美元，我們對此充滿信心，特別是當我們清理庫存並看到更高的銷售時。

Obviously, we're also paying down debt with the Bericap proceeds. So the disposal proceeds, which come in, in December, so we are going to see leverage come down through the year, and it's actually going to start in Q2. And we expect leverage will be lower than it was prior year in Q2. We'll see the improvement there. And then as we have really strong confidence in the balance of the year to come back to 3 times or -- 3 times or below as we exit the year in June '25.

顯然，我們也用 Bericap 收益償還債務。因此，處置收益將在 12 月到來，因此我們將看到槓桿率在全年中下降，實際上將從第二季開始。我們預計第二季的槓桿率將低於去年同期。我們將看到那裡的改進。然後，我們非常有信心，當我們在 25 年 6 月退出這一年時，今年的餘額將回到 3 倍或 3 倍或更低。

Brook Campbell-Crawford, Barrenjoey.

布魯克·坎貝爾-克勞福德，巴倫喬伊。

Just with respect to this focus on stronger organic growth. Previously, the business has always talked about low single-digit top line growth organically? What's the new target for this if you can provide a bit of a range of what you're thinking about? And I guess I'm more focused beyond the near term, given I guess, volumes in flexibles are still 6% below pre-COVID level. So once you kind of catch up on that period of underperformance, what do you think the steady state sort of medium-term top line should be.

正是針對更強勁的有機成長的關注。此前，該業務一直在談論低個位數的有機收入成長？如果您能提供一些您正在考慮的內容，那麼新的目標是什麼？我想我更關注短期之後的情況，因為我認為靈活的交易量仍比新冠疫情前的水平低 6%。因此，一旦你趕上那段表現不佳的時期，你認為中期營收的穩定狀態應該是多少。

Yes. Thanks, Brook. There's a lot of questions there. I got to be a little conservative here and I'm going to shy away from giving you a number and a target going forward. What I will tell you is that I think we can do definitely better than the expectations that we spelled out before COVID. As we walk into COVID, everything else that we've seen since then, I think it's been pretty volatile and you could call out market dislocation for many different reasons.

是的。謝謝，布魯克。那裡有很多問題。我在這裡必須有點保守，我會迴避給你一個數字和一個前進的目標。我要告訴你的是，我認為我們絕對可以做得比我們在新冠疫情之前闡明的期望更好。當我們走進新冠疫情時，以及從那時起我們所看到的其他一切，我認為它非常不穩定，你可能會因為許多不同的原因而稱之為市場混亂。

But we're working ourselves out of it as we have seen with the volume performance over the last three quarters and also -- and as Michael just confirmed again, the demand signal into Q2 of this fiscal year. So I would probably leave that there and just simply say we can do better. We can do better consistently as we go forward and that's the target. So stay close and we'll demonstrate to you what we can do with the business.

但我們正在努力擺脫困境，正如我們在過去三個季度的銷量表現中看到的那樣，而且正如邁克爾剛剛再次確認的那樣，本財年第二季度的需求信號。所以我可能會把它留在那裡，只是簡單地說我們可以做得更好。隨著我們的前進，我們可以持續做得更好，這就是我們的目標。因此，請保持密切關注，我們將向您展示我們可以對這項業務做些什麼。

On your second part, when you compare our current volume levels to what it was pre-COVID, you're right that we haven't fully caught up in terms of volumes today versus what it was pre-COVID. On the other hand, I'll tell you, it's not so simple to just better spread that across the different categories that we serve. It's much more of a complex picture.

在第二部分中，當您將我們當前的交易量水平與新冠疫情之前的水平進行比較時，您是對的，我們今天的交易量與新冠疫情之前的水平相比還沒有完全趕上。另一方面，我會告訴您，將其更好地傳播到我們服務的不同類別中並不是那麼簡單。這是一幅更複雜的圖景。

In some cases, we're actually full and sold out. In some cases, we do have some capacity for -- to absorb additional growth, and we're acutely aware of that. We are obviously more interested in selling open capacity now than selling capacity that requires more investment. But where it does and where we have good opportunities, we're also not held back or constrained in any way to make -- to make investments into the business.

在某些情況下，我們實際上已經滿了並且賣完了。在某些情況下，我們確實有一定的能力——吸收額外的成長，我們敏銳地意識到這一點。顯然，我們現在對出售開放產能比出售需要更多投資的產能更感興趣。但只要有機會，只要我們有良好的機會，我們就不會以任何方式阻礙或限制投資業務。

So that's the way how we're looking at it. But altogether, we're feeling good about the initiatives that we started to drive growth to higher levels going forward, and that is consistently -- that would really be the target that I set out to the organization.

這就是我們看待它的方式。但總的來說，我們對我們開始推動成長到更高水平的舉措感到滿意，而且始終如一 - 這確實是我為組織設定的目標。

Cameron McDonald, E&P.

卡梅倫·麥克唐納，勘探與生產。

Just some questions on the financials, if I can, please. So the -- if I look at the adjusted EBITDA number in the back of the slides, can you just -- Michael, can you just explain what the $13 million impact is across the restructuring and in other. The note sort of refers to Russia, but I'd be surprised if Russia was impacting the first quarter of this year from a restructured cost perspective?

如果可以的話，請問一些有關財務的問題。因此，如果我看一下幻燈片後面調整後的 EBITDA 數字，邁克爾，你能解釋一下重組和其他方面 1300 萬美元的影響嗎？該說明有點提到俄羅斯，但如果俄羅斯從重組成本的角度影響今年第一季度，我會感到驚訝？

Yes, Cameron. Look, that's just the program that we put in place to take some cost out of the business and restructure in certain parts as a result of disposing the Russian business to try and offset part of the disposed earnings. So we announced the program eight months ago or so, and we've been working our way through that. We've announced seven plant closures, four plant restructures. In total, we were looking to spend, cash-wise, about $170 million.

是的，卡梅倫。看，這只是我們實施的計劃，目的是在處置俄羅斯業務後，從業務中扣除一些成本並在某些部分進行重組，以試圖抵消部分處置的收益。因此，我們在大約八個月前宣布了該計劃，並且我們一直在努力解決這個問題。我們已經宣布關閉七家工廠，重組四家工廠。總的來說，我們預計現金支出約為 1.7 億美元。

We're most of the way through that program now, and we're still seeing just a little bit of cost come through, but that's -- you're also seeing the benefits of that program come through. We said that we would deliver about a $50 million annualized benefit in FY24; we got $35 million of that. We've got a further $5 million or so in Q1, '25. So we're well on track to deliver those benefits for that program, and it's pretty much done by the end of calendar '24.

我們現在已經完成了該計劃的大部分工作，我們仍然看到了一點點成本的實現，但是，您也看到了該計劃的好處。我們表示，我們將在 2024 財年實現約 5,000 萬美元的年化效益；我們得到了其中的 3500 萬美元。我們在 25 年第一季又獲得了約 500 萬美元的資金。因此，我們正在順利地為該計劃提供這些好處，並且到 24 月底就基本完成了。

Nathan Reilly, UBS.

內森‧賴利，瑞銀集團。

Just in relation to the underlying group volume growth of 4%, excluding healthcare and beverage, relative to some of the European and US/Canada patchy, that volume growth looks quite solid. So I'm just wondering if you can give us a little bit of an update just in terms of how you're seeing the state of the consumer across your key end markets in both the US and Europe, please?

僅就基礎集團 4% 的銷售成長（不包括醫療保健和飲料）而言，相對於歐洲和美國/加拿大的一些地區而言，銷售成長看起來相當穩健。所以我想知道您是否可以向我們提供一些最新信息，說明您如何看待美國和歐洲主要終端市場的消費者狀況？

Yes, Nathan, first of all, I agree. I also believe that the number is actually pretty solid. And here's how we're thinking about this. If you sort of pull it apart into the different components, if you look at the consumer, I think the consumer is at best flat, if not a little down, and that's very consistent with what we've said in prior calls. And we're not expecting a lot of help from the consumer going forward either. So we're not going to bank on the consumer spending behavior sort of becoming more positive going forward.

是的，內森，首先，我同意。我也相信這個數字其實是相當可靠的。這就是我們對此的思考方式。如果你把它分成不同的組成部分，如果你看看消費者，我認為消費者充其量是持平的，如果不是一點點下降的話，這與我們在之前的電話會議中所說的非常一致。我們也不期望消費者未來提供太多協助。因此，我們不會預期消費者支出行為未來會變得更加積極。

The thing that we're seeing is that the customers are performing better. We talked about that in the prior calls also in the context of two things really. One is the customers -- many customers are trying to find a better balance between price and volumes. That also translates into promotional activities, and we're benefiting from that.

我們看到的是客戶的表現更好。我們在之前的電話會議中也確實在兩件事的背景下討論過這一點。一是客戶——許多客戶試圖在價格和數量之間找到更好的平衡。這也轉化為促銷活動，我們也從中受益。

What we also sort of group in the customer performance piece is just simply the fact that destocking is over. And that's -- I can say that now a little -- with a little more conviction, destocking is over, except for the one category that we have decided to break out for this conversation because you introduced it like that. Let's put healthcare in North American Beverages aside for a moment.

我們在客戶績效部分中也歸入的只是一個事實：去庫存已經結束。那就是——我現在可以說——有了更多的信念，去庫存已經結束了，除了我們決定在這次談話中突破的一個類別，因為你是這樣介紹的。讓我們暫時把北美飲料的醫療保健放在一邊。

And then the final point that we look at is how are we faring in the market that we're seeing. And that comes down to our ability to gain share. Now after the fourth quarter, I would have said something along the lines of it's not material, but we see some green shoots.

然後我們關注的最後一點是我們在我們所看到的市場中的表現如何。這取決於我們獲得份額的能力。現在，在第四季度之後，我會說一些類似的話，這並不重要，但我們看到了一些萌芽。

Now as I'm sitting here after the first quarter, I would say it's a little bit, so the momentum is increasing, and I'm still trying to be very bolted around all that and not to get ahead of myself. Let's get another quarter under our belt and see if and how the volumes develop and what the drivers are once we're getting out of Q2. But we feel pretty good about it. And if I -- your question also was break it out between North America and Europe, I'd say it's pretty much the same between the two and the way how we look at that so that's pretty much the best answer that I can give you.

現在，當我在第一季結束後坐在這裡時，我會說這有點多，所以勢頭正在增加，而且我仍然試圖對​​這一切保持高度緊張，不要超前。讓我們再過一個季度，看看銷售是否以及如何發展，以及第二季結束後的驅動因素是什麼。但我們對此感覺很好。如果我——你的問題也是在北美和歐洲之間進行劃分，我會說這兩者之間以及我們看待這個問題的方式幾乎是相同的，所以這幾乎是我能給你的最佳答案。

George, Bank of America.

喬治，美國銀行。

It's a two-part where the first has nothing to do with the second part. So the first question is your volume growth actually has been relatively in line or actually a bit better than what we've seen out of other consumer packaging markets the last few quarters. And yet you are working on your innovation and really trying to drive greater speed to market, all companies try to improve, we get that.

這是一個兩部分，第一部分與第二部分無關。因此，第一個問題是，你們的銷售成長實際上相對一致，或者實際上比我們過去幾季在其他消費包裝市場看到的要好一些。然而，你們正在致力於創新，並真正努力加快上市速度，所有公司都在努力改進，我們明白這一點。

Was there a trigger for you in terms of what sort of drove it? We need to do an even better job of getting innovation to the goal line. Were there some lost sales? Or were there some opportunities? What drove that realization? And then the second question I had for you really is when -- can you remind us when do you expect rigid to inflect higher from a profit standpoint and when from a volume standpoint?

你有什麼觸發因素來驅動它嗎？我們需要做得更好，以實現創新目標。是否有一些銷售損失？或者有一些機會嗎？是什麼推動了這種認識？然後我要問你的第二個問題其實是──你能提醒我們，從利潤的角度來看，剛性何時會走高，從成交量的角度來看，何時會走高？

Yes, George. That's really two questions. And as you said, they're not related. Yes, exactly. So about okay, let go backwards. So first of all, on the ARP, so rigid packaging. Look, we've been speaking a lot about the volumes. But what I haven't said yet is and what you will see when you go through the numbers is that the business has returned to earnings growth over the last couple of quarters, actually, since the beginning of this calendar year, they've come back with earnings growth. Which means that despite the environment that they're operating in, they are being able to adjust their cost structures and their capacities to a level where they are turning out better profitability, which is something that we appreciate, team is doing a great job.

是的，喬治。這確實是兩個問題。正如你所說，它們沒有關係。是的，完全正確。那麼好吧，向後退。所以首先，關於ARP，所以硬性包裝。聽著，我們已經談論了很多關於體積的事情。但我還沒有說的是，當你瀏覽這些數字時，你會看到的是，該業務在過去幾個季度已經恢復了盈利增長，實際上，自今年年初以來，他們已經恢復了盈利增長。隨著獲利成長而回歸。這意味著，無論他們所處的營運環境如何，他們都能夠調整成本結構和能力，達到獲得更好盈利能力的水平，這是我們所讚賞的，團隊做得很好。

At the same time, we're all sitting here and waiting for the market to give us a bit more tailwind. And when that comes on the back of the efficiency that we've now created in the business, we'll see better improvement and better numbers, definitely better numbers, and we're looking for those. So we can't wait for that to happen on the profit side and also on the top line side. Now you're asking me when is that going to happen? That really depends on the consumer.

同時，我們都坐在這裡等待市場為我們帶來更多的推動力。當我們現在在業務中創造效率的基礎上實現這一點時，我們將看到更好的改進和更好的數字，絕對是更好的數字，我們正在尋找這些。因此，我們迫不及待地希望這種情況在利潤方面和營收方面發生。現在你問我什麼時候會發生？這確實取決於消費者。

The consumer is still sort of held back on the categories that we serve. It is a very discretionary category mix that we're serving with the isotonics, with the ready-to-drink tea so the juices there's different ways of hydration. And while inflation may have come down, the consumer is just shocked by the prices on the shelf. And that's sort of the way how we explain currently the consumer behavior.

消費者仍然對我們所服務的類別有所保留。這是一個非常隨意的類別組合，我們與等滲飲料、即飲茶一起提供，因此果汁有不同的水合作用方式。儘管通貨膨脹可能已經下降，但消費者只是對貨架上的價格感到震驚。這就是我們目前解釋消費者行為的方式。

So that needs to turn around that will get us better volumes and then we'll see definitely better top line and bottom line on the rigid side. So that sort of is my answer to that part of the question.

因此，這需要扭轉局面，這將為我們帶來更好的銷量，然後我們肯定會在剛性方面看到更好的頂線和底線。這就是我對問題那部分的回答。

The other -- the first part was, I think, geared towards innovation and you're asking how to understand the questions we need to gear up on innovation. Let me just -- first of all, maybe correct the perception. I never wanted to say that we are behind in our capabilities on innovation. We're not.

另一個——我認為第一部分是面向創新的，你問的是如何理解我們在創新方面需要解決的問題。讓我——首先，也許糾正一下這種看法。我從來不想說我們創新能力落後。我們不是。

I think we are one of the leading companies in our space with our innovation capabilities. And I'm not just saying that because I feel that; I'm saying that on the back of the feedback that we get from our customers. And they're very impressed with what we can do and take the opportunity on this call for those of my team that are actually listening in, in the innovation space.

我認為我們是該領域具有創新能力的領先公司之一。我這麼說並不是因為我有這樣的感覺；而是因為我有這樣的感覺。我是根據我們從客戶那裡得到的回饋來這麼說的。他們對我們能做的事情印象深刻，並藉此機會為我的團隊中真正在創新領域傾聽的人提供這次電話會議的機會。

You guys are doing a great job, congratulations, but of course, we want more. And we have made investments in the innovation centers across the world, and we have invested in one in China. The latest one has just opened the doors a couple of months ago in (inaudible), in Belgium in Europe, and we have a couple of satellites. And we just want to see the returns. I want to see the returns on that investment, and we're seeing that.

你們做得很好，恭喜，但當然，我們想要更多。我們在世界各地都投資了創新中心，在中國也投資了一個。最新的一顆衛星幾個月前剛在歐洲的比利時（聽不清楚）開放，我們有幾顆衛星。我們只想看到回報。我希望看到這項投資的回報，我們正在看到這一點。

Customers are coming in -- we have a great process that we call Catalyst, where we sit down with the customers, so we do innovation, and we shock and amaze them with the things that we can do. So that's one -- and the other one is really just around the leverage piece. It is part of the innovation. I'm not asking to do some rocket science here, which I think our people can do.

客戶不斷湧入——我們有一個稱為「催化劑」的出色流程，我們與客戶坐下來進行創新，並用我們能做的事情讓他們感到震驚和驚訝。這就是其中之一 - 另一個實際上只是圍繞槓桿部分。這是創新的一部分。我並不是要求在這裡做一些火箭科學，我認為我們的人民可以做到。

What I'm saying right now is take the products that are successful in one market and help introduce them in other markets where we have demand for the same products. It's as simple as that. And that's product leverage, and we have great opportunities to do that. So those were the two comments that I was trying to make on the innovation side, and I hope that's a little more clear.

我現在所說的是，採用在一個市場取得成功的產品，並幫助將它們引入我們對相同產品有需求的其他市場。就這麼簡單。這就是產品槓桿，我們有很好的機會做到這一點。這就是我試圖在創新方面發表的兩則評論，我希望這一點更加清晰。

This concludes our question-and-answer session. I will turn the call back to PK for closing remarks.

我們的問答環節到此結束。我會把電話轉回 PK 進行結束語。

Yes. Look, thanks for the interest in the company and for dialing in. Great questions. I mean you're essentially asking the questions that we're asking ourselves here. I just want to say one more time, we feel pretty good about where we're at, particularly with the volumes coming back. That's really important for us. And as we see that trickle through, we'll definitely see that also translate to the bottom line, and we're looking at a solid year, so at this point in time, we are fully reaffirming our guidance for the full year, and we feel we're in a good spot. Thank you very much.

是的。聽著，感謝您對公司的興趣並撥打電話。我的意思是，你實質上是在問我們在這裡問自己的問題。我只想再說一遍，我們對目前的處境感覺非常好，尤其是在銷售恢復的情況下。這對我們來說非常重要。當我們看到這一點滴滴過去時，我們肯定會看到這也轉化為底線，我們正在尋找堅實的一年，所以在這個時候，我們完全重申我們對全年的指導，並且我們覺得我們處於一個好的位置。非常感謝。

This concludes today's conference call. Thank you for joining. You may now disconnect.

今天的電話會議到此結束。感謝您的加入。您現在可以斷開連線。